Shares of N4 Pharma PLC (LON: N4P), live biotherapeutics company, surged 11.5% today after stating the total number of ordinary shares with voting rights now stand at 181 million following its latest share placement.
The company’s last announcement in early December of a $2.7 million share placement triggered a 12% drop in its share price as investors seemed surprised by the move.
N4 Pharma issued 25 million shares to raise the money bringing the current total to 181,080,349 ordinary shares each with one voting right.
Today’s announcement was meant to alert investors of the currently outstanding shares they should use to calculate their total holdings in the company according to FCA guidelines.
The company has achieved multiple milestones this year with the latest being an update on its ongoing research project with Nanomerics Limited where it is testing “the stability of different formulations of Nuvec loaded with a well-characterised plasmid DNA.”
The phase I trial indicated that Nuvec formulations that were freeze-dried and stored for 14 days at room temperature or four degrees, “showed no significant drop in in-vitro transfection capability following reconstitution compared to fresh formulations.”
I will be watching this stock in the new year.
N4 Pharma share price
N4 Pharma shares rallied 11.5% to trade at 8.7p having risen from Wednesday’s closing price of 7.8p.